The minimum open deposit is $500 and there is a $1 Million maximum balance cap.

APY

MIN

MAX

INSTITUTION

PRODUCT

DETAILS

1.00%

$1k

-

Valley National Bank

24 Month CD Promo

Accounts mentioned in this post. Rates as of December 8, 2016.

As stated on the "Summer Is Heating Up" CD application page, the Early Withdrawal Penalty reads as follows:

Early withdrawal is subject to a $25 fee plus 2.00% of principal.

Thanks to the "Anonymous" DA reader who let me know about these CDs.

Availability

Valley National Bank is headquartered in Passiac, New Jersey, and offers its services and products to residents in 16 counties throughout northern and central New Jersey, the New York Boroughs of Manhattan, Brooklyn, Queens, and Long Island, New York.

Valley National Bank also has 21 branches in central and south Florida, which were acquired from 1st United Bank in late 2014.

Opening any of the "Summer Is Heating Up" CDs can be done at any of 225 branches located in New Jersey (159), New York (45), and Florida (21), or online.

N.B. At this time, there are two separate Valley National Bank websites, with separate online applications. If you choose to open a Promotional CD online, make sure you use the correct site: NJ and NY residents, and FL residents.

Bank Overview

Valley National Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.51% (excellent) based on March 31, 2015 data. In the past year, Valley National Bank has increased its total deposits by $3. Billion, an excellent annual growth rate of 26.55%. Please refer to our financial overview of Valley National Bank for more details.

Valley National Bank’s history has been one of steady growth and expansion. Founded in 1929 as the Passaic Park Trust Company (FDIC Certificate # 9396), the Bank changed its name in the mid-1930s to the Bank of Passaic and Trust Company. In 1956, the purchase of the Bank of Allwood began 58 years of development, including the acquisition/purchase of 21 New Jersey, 4 New York, and 1 Florida financial institutions, and two name changes. Today, Valley National Bank has assets in excess of $18 Billion and has a market area covering one of the most populated part of the country.

How the CD Compares

When compared to the 229 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New Jersey residents, Valley National Bank’s 24-month Promotional CD currently ranks third.

When compared to the 311 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New York residents, Valley National Bank’s 24-month Promotional CD currently ranks fifth.

When compared to the 257 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Florida residents, Valley National Bank’s 24-month Promotional CD currently ranks third.

The above rates are accurate as of 7/10/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

A reader just informed me of these CD specials at Valley National Bank. The rates are very competitive, but there's a catch. The two specials are a 2.30% APY 5-year CD and a 1.60% APY 30-month CD. Minimum deposit is $5,000, and the maximum deposit is $100,000. The specials are listed in the bank's promotions page as of 5/11/2012.

The catch is that these CD specials require an active checking account. The details are described in the offer's small print. Below is an excerpt of the important details:

Valley National Bank has a new checking account promotion in which you can earn up to $150. It's listed in Valley National Bank's checking account page as of 8/8/2011. To receive the first $75, a new customer must open a qualifying checking account with a minimum deposit of $100 and sign up for Mobile Banking. For the second $75, you must either establish direct deposit OR complete 3 merchant online bill payments.

Here's the small print of the offer:

This promotion is a nice improvement over what the bank was offering in...

Valley National Bank has some competitive rates on its long-term CDs. The best ones include a 3.00% APY for a 6-year CD, a 2.75% APY for a 5-year CD and a 2.00% APY for a 3-year CD. Minimum deposit is $500 for a regular CD and $250 for an IRA CD. One significant downside to these CDs is a harsh early withdrawal penalty. It's 540 days of interest for terms of 5 years and over and 365 days of interest for the 3-year CD. These rates and early withdrawal penalties...

Valley National Bank has a limited-time checking account promotion in which you can receive $100 for opening a Valley Rewards Perfect Checking account, establishing direct deposit and making 3 online bill payments. This offer is listed on the bank's front page and in this checking account page as of 2/10/2011.

Here's the small print of the offer:

I'm not sure why they have "rewards" in the name of the checking account. It's not a high-yield reward checking account. Also, it's not a free checking account, but it only requires a $99 balance...